Sale of significant office investment building on behalf of Local Authority in Hertfordshire

Cheffins has recently acquired Centre 3, Wilbury Way, an office investment building in Hitchin on behalf of Huntingdonshire District Council which is expanding its investment property portfolio. The building was sold on behalf of Prime Estates Ltd, by Bidwells in Cambridge.

Cheffins has recently acquired Centre 3, Wilbury Way, an office investment building in Hitchin on behalf of Huntingdonshire District Council which is expanding its investment property portfolio. The building was sold on behalf of Prime Estates Ltd, by Bidwells in Cambridge.

Centre 3 on Wilbury Way is situated just outside of Hitchin town centre and is let in its entirety to Willmott Dixon Construction Ltd. It provides 1,944 sqm of modern office accommodation, car parking and is within easy reach of London, Cambridge, Milton Keynes and Bedford, with links onto the A1M. Comprising of a detached office building on ground and first floors, it also has a central courtyard, providing natural light and has undergone significant refurbishment works only three years previously. The tenant’s fit out includes changing rooms and showers, a gym and break-out area and a staff canteen.

Philip Woolner, Director, Cheffins Commercial comments: “This is a significant investment deal which was carried out by Cheffins, following the building going to sealed bids. Cheffins is expanding its reach into the investment market and is working with a number of key purchasers varying from funds to Local Authorities. The investment market continues to be strong in the Greater Cambridge region with a number of investors showing a confident approach to options locally, even following Brexit. Property is a long term asset and recent volatility in the bond and equity markets reinforce the long-term case for real estate investment. Property continues to be an attractive choice due to its provision of income stability, yield levels above UK gilt rates and the ability to add value through active management.”

Huntingdonshire District Council secured the building for £2.185 million, with a yield at 7.5 per cent. The deal was completed by 18th July 2016.

For more information, please contact:

Philip Woolner at Cheffins on 01223 213666, Philip.woolner@cheffins.co.uk

Or

Lucy Young at Bidwells on 0207 297 6278, lucy.young@bidwells.co.uk

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